Problem # 3 (15 Points) From the following details of a merchandiser, calculate the cost of goods sold, showing a) net goods sold. (Assume the merchandiser uses the periodic inventory system.) purchases, b) net cost of purchases, c) cost of goods available for sale and d) finally cost of Net Sales Revenue Purchases Purchase Returns and Allowances Purchase Discounts $199,000 93,000 Freight In Beginning Merchandise nventory Ending Merchandise Inventory 38,000